Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce the results from the mobile metal ion (MMI) soil geochemistry survey completed at the Secret Pass Gold Project in Mohave County, Arizona
Result Highlights
The results of the MMI soil survey (1,139 soil samples), when interpreted with the geology, alteration and geophysics data, define four new significant mineralization target areas outside of the Tin Cup Zone as illustrated in Figure 1.
Two of the highlighted target zones include, Target 1 and Target 4 are on newly staked mineral claims announced by Northern Lights on September 30, 2021.
Targets 2, 3, and 4 are considered to be a priority for detailed geological mapping and sampling to identify future drill targets.
Target 1 on newly acquired claim areas in the northwest quadrant of the project tenements defined a gold in soil anomaly including samples up to 51.6 ppb Au.
Target 2 is centred on the area between the Fiery Squid and Fluorspar Ridge defining a 1.9 km N-S trending gold in soil anomaly that lies between the Union Pass and Frisco Mine Faults. Results include samples up to 547 ppb Au.
Target 3 in an area adjacent to Union Pass Fault defined a gold in soil anomaly that is outside known workings on trend with previous prospects and drifts. Inculdes samples up to 95.4 ppb Au.
Target 4 on newly acquired claim area that includes numerous shallow shafts and surface workings form two subparallel vein systems. No surface rock sampling was previously undertaken in this area. The results show gold in soil anomaly including samples up to 86 ppb Au.
Northern Lights CEO, Jason Bahnsen, commented "The MMI soil results highlight the potential of the northern section of the Secret Pass Project and on the recently staked ground to the east of the Tin Cup Zone. Planned exploration work in 2022 will include detailed geological mapping of the new target areas as a precursor to generating drill targets. Assays from the four drill holes completed at Tin Cup in December are still pending and will be released as received."
Figure 1: Secret Pass Project - Exploration Target Areas
Mobile Metal Ion (MMI) Soil Geochemistry Survey
In September and October 2021, Northern Lights Resources completed a close-spaced MMI soil survey over the 1,128 Ha Secret Pass license area. In total, 1,139 soil samples were collected on a 200m x 50m grid (grid spacing irregular over some areas of extreme topography).
The Secret Pass soil samples were analyzed by SGS Laboratories in Vancouver utilizing mobile metal ionic leach analysis for a 60-element suite. The key benefits to using partial ionic leach extraction for soil analysis compared to the industry standard aqua regia digestion includes the following:
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce the assay results from a jasperoid rock sampling program completed at the Medicine Springs Silver project that NLR is exploring in joint venture with Reyna Silver Corp
Result Highlights
Medicine Springs hosts Carbonate Replacement Deposit (CRD) mineralization exposed at a very high level marked by well-developed multi-stage NE-SW trending jasperoid-barite veins within an area of approximately 6 km x 6 km. These veins extend well beyond the areas of historic small-scale mining and very shallow drilling, so Reyna sampled them systematically to determine if a mineralization center or centers could be defined.
Systematic sampling (657 samples) of these veins throughout a 6 by 6 km area returned very strong results for Silver with 37 samples returning over 66 g/t Ag, 2 samples returned assays of over 1,000 g/t Ag. Assays for lead, zinc and copper showed anomalous results along a prominent NE-S trending structural network.
Dr Peter Megaw, Reyna Silver Corp. Chief Exploration advisor, commented "Jasperoids typically mark a geochemically-zoned shell around many CRDs worldwide. This sampling program appears to have narrowed us down to an area with consistently high metals values where we will focus some additional fieldwork leading up to an aggressive drilling program, which we hope to permit and drill in 2022. The results of this selective sampling program are some of the best I've ever seen from CRD jasperoids. They appear to support our thesis that what we see at Medicine Springs is high-level leakage from a multi-stage mineralization center at depth."
Please refer to Reyna Silver Corp. announcement dated January 10, 2022 for further detail.
QA/QC STATEMENT
Reyna Silver follows industry standard procedures for rock-chip sampling for exploratory geochemical analyses. Rock chip samples generally weigh between 1 and 3 kg. Samples were submitted to the certified ALS Global facility in Elko, Nevada where the entire sample was crushed to 70% passing less than 2mm, then 250g were rotary split and pulverized to better than 85% passing 75 microns. The pulps were shipped to ALS Global in Vancouver, British Columbia for analysis. Geochemical analyses were done by ALS Global in Canada under an ISO 1702 Quality management system. Pulps were analyzed for precious, base-metals, and multi-elements using method code ME-MS41 following an aqua regia digestion. Overlimit values for Ag, Pb, and Zn were analyzed using method codes Ag-OG46, Pb-OG46, and Zn-OG46. Multi-element certified standards, blanks, and duplicates were systematically inserted into the sample stream to monitor lab performance.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR, OTCQB:NLRCF) is pleased to announce the results of the Annual General Meeting on December 7, 2021
The following resolutions were passed at the Annual General Meeting:
Subsequent to the annual meeting, the board of directors appointed the following officers:
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce the completion of the initial drill program at the Tin Cup prospect at NLR's 100% owned Secret Pass Gold Project in Mohave County, Arizona
Four diamond core drill holes, totalling 610 metres, have been completed at Tin Cup. The focus of this initial drill program is to confirm the gold mineralization that was previously identified by reverse circulation drilling in the 1980s and to test the structure of the mineralization below the depth of historic drilling. See Table 1 and Figure 1.
CEO, Jason Bahnsen, commented "The Tin Cup prospect was a key focus of the acquisition of the Secret Pass Gold Project. We are excited to have completed this initial drill program. All four drill holes completed show the presence of strong mineralization and the core samples have now been dispatched to the lab for assay. We anticipate receiving the drill assay results in the early New Year along with the results of the soil sampling survey we completed in October over the entire property. "
All four drill holes intercepted zones of moderate to strong mineralization within the altered andesite and rhyolite dikes. The mineralization of fracture fill and disseminated pyrite occurs within sections of moderate to strong hematite and propylitic alteration with weak to moderate sericite and silicification. Brecciated and gouge filled fault zones were encountered in both drill holes with disseminated pyrite present. Gold mineralization at the Tin Cup is primarily associated with the northwest trending structures and splays, predominantly in the andesite and margins of the rhyolite dikes.
Table 1 - Completed Phase 1 Drill Holes at Tin Cup
Hole No. | Location | Azimuth (o) | Dip (o) | Length (m) |
TC21-01 | Tin Cup | abandoned | ||
TC21-02 | Tin Cup | 220 | -45 | 175 |
TC21-03 | Tin Cup | 220 | -55 | 230 |
TC21-04 | Tin Cup | 310 | -50 | 103 |
TC21-05 | Tin Cup | 040 | -60 | 102 |
Total | 610 |
Figure 1 - Tin Cup Phase 1 Drilling
Tin Cup Prospect
Records show that there was a historic small-scale open pit and underground mine located at Tin Cup. The mine reportedly produced several hundred tons of mineralized materialgrading 15 g/t to 31 g/t of gold. Historic workings, from approximately 1918 to the early 1930s, included an open pit and an inclined shaft to a depth of 21 metres (70 ft) with minorunderground level workings.
During the period from 1984 to 1991, a total of 145 drill holes (predominately reverse circulation drilling) were drilled at Tin Cup with many holes intersecting high-grade gold mineralization. The historic drilling had an average depth of approximately 95 metres and a maximum depth of 180 metres.
The Tin Cup Gold Zone is localized along the steeply northeast-dipping Frisco Mine
Fault. The gold mineralization is hosted by Tertiary andesite and associated with the
margins of rhyolite dykes that occur as lenses within the Frisco Mine Fault. A few of the
deepest historic drill holes intersected gold mineralization in the Proterozoic basement granite.
The mineralized zone at Tin Cup has a strike length of approximately 245 metres to drill indicated depth of 180 metres and is open along strike and depth. Higher grademineralization (greater than 10 g/t Au), is localized in narrow sub-vertical structures developed within broader zones of lower grade mineralization ranging up to 86 metres in width. The mineralization plunges to the northwest at 50 degrees. Surface oxidation is variable extending to a maximum depth of up to120 metres based on historical drilling. Selected historic intersections are summarized in Table 2.
Table 2 - Selected Historic Drill Results at Tin Cup Zone
Hole No. | Year | Type | Depth (m) | Interval (m) | Width (m) | Au g/t |
TC-01 | 1984 | RC | 52 | 22.9-30.5 | 7.6 | 7.6 |
21.2-51.5 | 30.3 | 2.9 | ||||
TC-10 | 1985 | RC | 176 | 89.9-121.9 | 32 | 13.6 |
including | 1.5 | 40.4 | ||||
including | 12.2 | 20.8 | ||||
TC-15 | 1985 | RC | 146 | 111.2-115.8 | 4.6 | 13.1 |
TC-30 | 1986 | RC | 150 | 63.3-150 | 86.7 | 4.1 |
including | 9.1 | 17.7 | ||||
TC-32 | 1986 | RC | 90 | 18.8-69.7 | 50.9 | 2.7 |
TC-11 | 1987 | RC | 90.9 | 46.9-90.9 | 44 | 2.8 |
TC-14 | 1986 | RC | 121 | 90.9-121.9 | 31 | 5.8 |
Note: These results are historical in nature and a Qualified Person has not done sufficient work to verify these previous drilling results. Previously released on October 28, 2020.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce an update to the ongoing core drilling program at the Tin Cup Prospect on the Company' 100% owned Secret Pass Gold Project in Mohave County, Arizona
Drilling has been completed on two drill holes, TC21-02 (175 metre total depth) and TC21-03 (230 metre total depth). Drilling is continuing on the third hole, (TS21-04) currently at a depth of approximately 80 metres. The initial drill program of four holes at the Tin Cup prospect is expected to be completed in early December.
CEO, Jason Bahnsen, commented "Our initial 4-hole drill program at Tin Cup is going well and is expected to be completed in early December. Initial drill results are encouraging with strong mineralization evident in the drill core received to date. We have now dispatched the first hole to the assay lab and will release the results when received in early 2022."
The drill holes completed to date (TC21-02 and TC21-03) intercepted zones of moderate to strong mineralization within the altered andesite and rhyolite dikes. The mineralization of fracture fill and disseminated pyrite occurs within sections of moderate to strong hematite and propylitic alteration with weak to moderate sericite and silicification. Brecciated and gouge filled fault zones were encountered in both drill holes with disseminated pyrite present. Gold mineralization at the Tin Cup is primarily associated with the northwest trending structures and splays, predominantly in the andesite and margins of the rhyolite dikes.
The core samples from the first drill hole (TS21-02) have been sent to Skyline Laboratories in Tucson Arizona for assay.
Seven exploration drill holes have been approved at the Tin Cup Prospect (total 1,350 metres planned), see Table 1. Initially, 4 drill holes out of the permitted holes will be drilled (TC21-02, TC21-03, TC21-04, TC21-06), targeting the confirmation of historic high-grade mineralization that was identified by historic reverse circulation (RC) drilling in the 1980s.
Table 1 - Planned Drill Holes at Tin Cup Prospect
Hole No. | Location | Azimuth (o) | Dip (o) | Length (m) |
TC21-02 | Tin Cup | 220 | -45 | 175 |
TC21-03 | Tin Cup | 220 | -55 | 225 |
TC21-04 | Tin Cup | 310 | -50 | 250 |
TC21-05 | Tin Cup | 220 | -65 | 400 |
TC21-06 | Tin Cup | 040 | -60 | 100 |
TC21-07 | Tin Cup | 180 | -45 | 100 |
TC21-08 | Tin Cup | 100 | ||
Total | 1,350 |
Figure 1 - Drilling at TC21-02
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce that it has commenced core drilling at the Tin Cup prospect at the Secret Pass Gold Project in Arizona
Godbe Drilling have been appointed as the drilling contractor. Drilling on the first hole (TC21-02) at Tin Cup began on Wednesday, November 11.
CEO, Jason Bahnsen, commented "After several months of delay, we are excited to begin drilling at the Tin Cup prospect. Tin Cup was an operating gold mine in the early 1900s with a reported average production grade of over 1/2 ounce of gold per ton. Historic RC drilling at Tin Cup in the 1980s intersected steeply angled veins with grades up to 40 grams per tonne gold. Our initial drilling at Tin Cup will focus on confirming the high-grade gold mineralization identified by the historic RC drilling."
Seven exploration drill holes have been approved at the Tin Cup Prospect (total 1,350 metres planned), see Table 1. Initially, 4 drill holes out of the permitted holes will be drilled (TC21-02, TC21-03, TC21-04, TC21-06), targeting the confirmation of historic high-grade mineralization that was identified by historic reverse circulation (RC) drilling in the 1980s (see Table 2).
Table 1 - Planned Drill Holes at Tin Cup Prospect
Hole No. | Location | Azimuth (o) | Dip (o) | Length (m) |
TC21-02 | Tin Cup | 220 | -45 | 175 |
TC21-03 | Tin Cup | 220 | -55 | 225 |
TC21-04 | Tin Cup | 310 | -50 | 250 |
TC21-05 | Tin Cup | 220 | -65 | 400 |
TC21-06 | Tin Cup | 040 | -60 | 100 |
TC21-07 | Tin Cup | 180 | -45 | 100 |
TC21-08 | Tin Cup | 100 | ||
Total | 1,350 |
The Tin Cup drilling is being led by Mr. Lee Beasley, who has recently joined the Northern Lights team as Project Geologist. Lee is an experienced exploration geologist with over 10 years of field experience working on precious, base metal and lithium exploration projects throughout North America. Lee is a Certified Professional Geologist and holds a Bachelor of Science and Masters degrees in geology from Auburn University in Alabama, USA.
Tin Cup Zone
Records show that there was a historic small-scale open pit and underground mine located at Tin Cup. The mine reportedly produced several hundred tons of mineralized material grading 15 g/t to 31 g/t of gold. Historic workings, from approximately 1918 to the early 1930s, included an open pit and an inclined shaft to a depth of 21 metres (70 ft) with minor underground level workings.
During the period from 1984 to 1991, a total of 145 drill holes (predominately reverse circulation drilling) were drilled at Tin Cup with many holes intersecting high-grade gold mineralization. The historic drilling had an average depth of approximately 95 metres and a maximum depth of 180 metres.
The Tin Cup Gold Zone is localized along the steeply northeast-dipping Frisco Mine Fault. The gold mineralization is hosted by Tertiary andesite and associated with the margins of rhyolite dykes that occur as lenses within the Frisco Mine Fault. A few of the deepest historic drill holes intersected gold mineralization in the Proterozoic basement granite.
The mineralized zone at Tin Cup has a strike length of approximately 245 metres to drill indicated depth of 180 metres and is open along strike and depth. Higher grade mineralization (greater than 10 g/t Au), is localized in narrow sub-vertical structures developed within broader zones of lower grade mineralization ranging up to 86 metres in width. The mineralization plunges to the northwest at 50 degrees. Surface oxidation is variable extending to a maximum depth of up to120 metres based on historical drilling. Selected historic intersections are summarized in Table 2.
Table 2 - Selected Historic Drill Results at Tin Cup Zone
Hole No. | Year | Type | Depth (m) | Interval (m) | Width (m) | Au g/t |
TC-01 | 1984 | RC | 52 | 22.9-30.5 | 7.6 | 7.6 |
21.2-51.5 | 30.3 | 2.9 | ||||
TC-10 | 1985 | RC | 176 | 89.9-121.9 | 32 | 13.6 |
including | 1.5 | 40.4 | ||||
including | 12.2 | 20.8 | ||||
TC-15 | 1985 | RC | 146 | 111.2-115.8 | 4.6 | 13.1 |
TC-30 | 1986 | RC | 150 | 63.3-150 | 86.7 | 4.1 |
including | 9.1 | 17.7 | ||||
TC-32 | 1986 | RC | 90 | 18.8-69.7 | 50.9 | 2.7 |
TC-11 | 1987 | RC | 90.9 | 46.9-90.9 | 44 | 2.8 |
TC-14 | 1986 | RC | 121 | 90.9-121.9 | 31 | 5.8 |
Note: These results are historical in nature and a Qualified Person has not done sufficient work to verify these previous drilling results. Previously released on October 28, 2020.
See Figure 1 that shows the location of the Tin Cup prospect in the Secret Pass claim package. Figure 2 shows a schematic model cross section of Tin Cup with the proposed drill hole locations.
Figure 1 -Secret Pass Project Drill Hole Locations
Figure 2 - Tin Cup Prospect Cross-Section Model
The scientific and technical data contained in this news release was reviewed and approved by Gary Artmont (Fellow Member AUSIMM #312718), Head of Geology and qualified person to Northern Lights Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
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Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce its consolidated production and cost guidance as well as its capital and exploration budgets for 2022. All dollar amounts are in US dollars (US$).
2022 Production and Cost Guidance Highlights
In 2022, silver production is expected to range from 4.2 to 4.8 million ounces (oz) and gold production is anticipated to be between 31,000 oz and 35,000 oz. Silver equivalent production is forecasted to total between 6.7 million and 7.6 million oz at an 80:1 silver:gold ratio.
Consolidated cash costs 2 and all-in sustaining costs 2 ("AISC") in 2022 are estimated to be $9.00-$10.00 per oz silver and $20.00-21.00 per oz silver, respectively, net of gold by-product credits. The Company's 2022 cost outlook is higher than the prior year as inflation, royalties and mining duties are expected to increase in 2022.
"Our operations outperformed last year with Guanacevi's production bolstered by higher than anticipated mined ore grades," stated Dan Dickson, Endeavour's CEO. "In 2022, our production outlook is on par with the average of the last three years as we anticipate the grade at Guanacevi to be more in line with our estimated reserves and we remove the small annual contribution from our El Compas mine, which closed last August."
Mr. Dickson added, "This year, the team is focused on managing costs in order to offset the inflationary pressures we are seeing across the industry. Equally important will be expanding resources and advancing our exceptional growth pipeline. Terronera will move from the funding and approval phase through to construction. As well, we will initiate a preliminary economic assessment at Parral and define a current resource at Pitarrilla following the closing of this acquisition in the first half of the year."
2022 Guidance Summary
| Guanacevi | Bolanitos | Consolidated | |||
| Tonnes per day | tpd | 1,100 - 1,200 | 1,000 - 1,200 | 2,100 - 2,400 | |
| Silver production | M oz | 3.8 - 4.2 | 0.4 - 0.6 | 4.2 - 4.8 | |
| Gold production | k oz | 10.0 - 12.0 | 21.0 - 23.0 | 31.0 - 35.0 | |
| Silver Eq production 1 | US$/oz | 4.6 - 5.2 | 2.1 - 2.4 | 6.7 - 7.6 | |
| Cash costs, net of gold by-product credits 2 | US$/oz | $9.00 - $10.00 | |||
| AISC, net of gold by-product credits 2 | US$/oz | $20.00 - $21.00 | |||
| Sustaining capital 2 budget | US$M | $34.3 | |||
| Development budget | US$M | $11.5 | |||
| Exploration budget | US$M | $13.0 | |||
Operating Mines
At Guanaceví, 2022 production will range from 1,100 tonnes per day (tpd) to 1,200 tpd and average 1,165 tpd from the Milache, SCS and P4E orebodies. A significant portion of production will be mined from the Porvenir Cuatro extension on the El Curso concessions. The El Curso concessions were leased from a third party with no upfront costs but with significant royalty payments on production. Compared to 2021, ore grades are expected to decrease slightly with similar recoveries. Cash costs per ounce and direct operating costs per tonne are expected to increase in 2022, primarily due to the impact of inflation on power costs, re-agent costs and salaries as well as higher estimated royalty and mining duty payments.
In 2022, production at Bolañitos is expected to range from 1,000 tpd to 1,200 tpd and average 1,080 tpd from the Plateros-La Luz, Lucero-Karina and Bolanitos-San Miguel vein systems. Ore grades and recoveries are expected to be similar to 2021. Cash costs per oz and direct costs per tonne are expected to increase primarily due to inflationary impact on power costs and salaries.
Operating Costs
In 2022, cash costs, net of gold by-product credits, are expected to be $9.00-$10.00 per oz of silver produced. Consolidated cash costs on a co-product basis 2 are anticipated to be $13.00-$14.00 per oz silver and $1,100-$1,200 per oz gold.
All-in sustaining costs, net of gold by-product credits, in accordance with the World Gold Council standard, are estimated to be $20.00-$21.00 per oz of silver produced. When non-cash items such as stock-based compensation and accretion are excluded, AISC are forecast to be in the $19.00-$20.00 range.
Direct costs 2 per tonne are estimated to be $95-$100 with inflationary pressures expected to continue in 2022. Direct operating costs 2 , which includes royalties and special mining duties are estimated to be in the range of $120-$125 per tonne.
Management made the following assumptions in calculating its 2022 cost forecasts: $22 per oz silver price, $1,760 per oz gold price, and 20:1 Mexican peso per US dollar exchange rate.
2022 Capital Budget
| Mine Development | Other Capital | Sustaining Capital | Growth Capital | Total Capital | |
| Guanaceví | $10.3 million | $10.1 million | $20.4 million | - | $20.4 million |
| Bolañitos | $8.4 million | $3.8 million | $12.2 million | - | $12.2 million |
| Terronera | - | - | - | $9.5 million | $9.5 million |
| Corporate | - | - | $1.7 million | $2.0 million | $3.7 million |
| Total | $18.7 million | $13.9 million | $34.3 million | $11.5 million | $45.8 million |
Sustaining Capital Investments
In 2022, Endeavour plans to invest $34.3 million in sustaining capital, including $32.6 million at its two operating mines and $1.7 million to maintain exploration concessions and cover corporate infrastructure. At current metal prices, the sustaining capital investments are expected to be paid out of operating cash flow.
At Guanacevi, $20.4 million will be invested in capital projects, the largest of which is the development of 5.7 kilometres of mine access at the Milache, SCS and the P4E orebodies for an estimated $10.3 million. The additional $10.1 million will go to upgrade the mining fleet, support site infrastructure and expand the tailings dam.
At Bolañitos, $12.2 million will be invested in capital projects, including $8.4 million for 5.5 kilometres of mine development to access resources in the Plateros-La Luz, Lucero-Karina, Bolanitos-San Miguel and Belen vein systems. The additional $3.8 million will go to upgrade the mining fleet, support site infrastructure, raise the tailings dam and commence a new portal to access the Belen ore body.
At Terronera, $9.5 million is budgeted for the first quarter of 2022 to continue with final detailed engineering, early earth works, critical contracts and procurement of long lead items. The Company intends to make a formal construction decision, subject to completion of a financing package and receipt of amended permits, in the coming months, at which time the budget for the remainder of 2022 for the project will be determined.
The capital budget presented above does not include the $70 million acquisition cost associated with the Company's recently announced acquisition of the Pitarrilla Project ( see January 13, 2022 news release ) in Durango State, Mexico from SSR Mining Inc. The transaction is expected to be completed in the first half of 2022.
2022 Exploration Budget
| Project | 2022 Activity | Drill Metres | Expenditures |
| Guanaceví | Drilling | 11,000 | $1.8 million |
| Bolañitos | Drilling | 10,000 | $1.5 million |
| Terronera | Drilling | 11,000 | $1.9 million |
| Parral | Drilling/Economic Study | 7,000 | $1.7 million |
| Chile - Aida | Drilling | 3,000 | $1.5 million |
| Chile - Other | Evaluation | - | $0.9 million |
| Bruner | Drilling/Evaluation | 3,000 | $1.9 million |
| Pitarrilla | Drilling/Evaluation | 5,000 | $1.8 million |
| Total | 50,000 | $13.0 million |
In 2022, the Company plans to spend $13.0 million drilling 50,000 metres across its properties.
At the Guanacevi and Bolanitos mines, 21,000 metres of drilling are planned at a cost of $3.3 million to replace reserves and expand resources.
At the Terronera development project, 11,000 metres are planned to test multiple regional targets identified in 2021 to expand resources within the district.
At the Parral project in Chihuahua state, 7,000 metres are planned at a cost of $1.7 million to delineate existing resources, expand resources and test new targets. In the second half of the year, the Company expects to initiate a preliminary economic assessment.
In Chile, management intends to invest $1.5 million to test the Aida exploration project located in the northern Chile Region II along the Argentina border accessible by paved highway and dirt road. The Company plans to drill 3,000 metres to test a manto target with significant silver-manganese-lead-zinc anomaly at surface in the second half of 2022. Additionally, the Company plans to advance mapping, sampling and surface exploration on its other exploration projects in Chile, estimated to cost $0.9 million including administration costs in the country.
At the Bruner project management plans to invest $1.9 million to evaluate and verify historical data to define a current resource, map and sample new targets and drill 3,000 metres verifying historical data and testing new targets.
Similarly, subject to closing the Pitarrilla acquisition, management plans to invest $1.8 million for drilling to verify the historical data and define a current resource in 2022. Management plans to release a more detailed exploration and evaluation plan for the Pitarrilla project following closing of the transaction.
About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
SOURCE Endeavour Silver Corp.
Contact Information
Trish Moran
Interim Head of Investor Relations
Tel: (416) 564-4290
Email: pmoran@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , Twitter , Instagram and LinkedIn
Endnotes
1 Silver equivalent is calculated using an 80:1 silver:gold ratio.
2 Non-IFRS Financial Measures
The Company has included certain performance measures that are not defined under International Financial Reporting Standards ("IFRS"). The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Cash costs and cash costs per ounce
Cash costs per ounce is a non-IFRS measure. In the silver mining industry, this metric is a common performance measure that does not have a standardized meaning under IFRS. Cash costs include direct costs (including smelting, refining, transportation and selling costs), royalties and special mining duty and changes in finished goods inventory net of gold credits. Cash costs per ounce is based on ounces of silver produced and is calculated by dividing cash costs by the number of ounces of silver produced.
Cash costs on a co-product and cash costs on a co-product per ounce
Silver co-product cash costs and gold co-product cash costs include mining, processing (including smelting, refining, transportation and selling costs), and direct overhead costs allocated on pro-rated basis of realized metal value. Cash costs on a co-product per ounce is based on the number of either silver or gold ounces produced.
Direct operating costs and direct costs
Direct operating costs per tonne include mining, processing (including smelting, refining, transportation and selling costs) and direct overhead at the operation sites. Direct costs per tonne include all direct operating costs, royalties and special mining duty.
All-in sustaining costs ("AISC") and AISC per ounce
This measure is intended to assist readers in evaluating the total cost of producing silver from operations. While there is no standardized meaning across the industry for AISC measures, the Company's definition conforms to the definition of AISC as set out by the World Gold Council and used as a standard of the Silver Institute. The Company defines AISC as the cash costs (as defined above), plus reclamation cost accretion, mine site expensed exploration, corporate general and administration costs and sustaining capital expenditures. AISC per ounce is based on ounces of silver produced and is calculated by dividing AISC by the number of ounces of silver produced.
Sustaining capital
Sustaining capital is defined as the capital required to maintain operations at existing levels. This measurement is used by management to assess the effectiveness of an investment program.
For further information on reconciliations of Non-GAAP measures, refer to the Non-IFRS Measures section of the Company's Management's Discussion & Analysis for the three and nine months ending September 30, 2021, beginning on page 19.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour's anticipated performance in 2022 including changes in mining operations and forecasts of production levels, anticipated production costs and all-in sustaining costs, the timing and results of various activities and the impact of the COVID 19 pandemic on operations. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
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Endeavour Silver Corp. ("Endeavour" or the "Company") (TSX: EDR, NYSE: EXK) announces today that it filed two technical reports (the "Technical Reports") prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
The Technical Reports are titled "NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanaceví Project, Durango State, Mexico" and "NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bolañitos Project, Guanajuato State, Mexico". Both Technical Reports have an effective date of December 31, 2020 and support the disclosure made by the Company in its February 3, 2021 news release announcing the updated 2020 Mineral Reserve and Resource Estimates. There are no material differences in the Technical Reports from the information disclosed in the February 3, 2021 news release and the date of this filing.
The Technical Reports are available for download under the Company's profile on SEDAR (www.sedar.com) and on the Company's website (www.edrsilver.com).
About Endeavour Silver
Endeavour Silver is a mid-tier precious metals mining company that operates two high-grade, underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. The Company's philosophy of corporate social integrity creates value for all stakeholders.
SOURCE Endeavour Silver Corp.
Contact Information
Trish Moran
Interim Head of Investor Relations
Tel: (416) 564-4290
Email: pmoran@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , Twitter , Instagram and LinkedIn
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(TheNewswire)
Vancouver, British Columbia TheNewswire - January 19, 2022 Arizona Silver Exploration Inc. (TSXV: AZS ) ( OTC:AZASF ) today released a year-end letter from Mike Stark, CEO, to the Company's shareholders. The letter follows below and can also be accessed from the Company's website at www.arizonasilverexploration.com
Greetings Shareholders,
We at Arizona Silver can celebrate the progress we made in 2021. This newsletter highlights our accomplishments and signals to shareholders our planned activities going forward.
Our Company has four properties in Arizona but investors are focusing on the exciting results emerging from our Philadelphia project . We have discovered gold in multiple zones and look forward to drilling the depth extent and linkages between those zones. Importantly we have demonstrated potentially economic grades, not only in the primary vein target but in the surrounding rocks.
The following information tracks the property from north to south. We now control the entire 3 km. strike length but that is a recent development. Prior to the latest agreement we could only drill on the claims we owned or leased at the time.
Early in 2021 we drilled multiple high-grade holes at the north end of the property on the Mamie claim. Despite the high grades, the vein did not persist below 100 metres. The next two claims to the south of these intercepts and along the strike of the vein are the Resaca and Rising Fawn patented claims. These claims accounted for approximately 40,000 ounces of gold production at a grade of 0.4 oz/ton. We negotiated on these claims for over two years and in August 2021 announced a lease agreement. Exploration can now proceed.
Click Image To View Full Size
At the southern end of the
Rising Fawn
claim is a prominent outcrop of brecciated quartz vein we refer to as the "Shark Fin". This prominent, yet undrilled feature is part of the target zone. Our first fence of holes in the upcoming core drilling campaign will test this feature.
Photo of the Shark Fin – a brecciated quartz vein at the south end of Rising Fawn
We negotiated an agreement on the third patented claim in line to the south, the Perry claim earlier in the year. Mid year we secured a reverse circulation drill rig to test the Perry vein, a continuation of the vein system exposed and tested to the north. Sampling of the vein had indicated gold was present but textures suggested we were above the boiling zone where gold and quartz would most likely have precipitated. The target shows quartz vein breccia across an excellent width of 10-15 metres, a width that made it a compelling target.
We drilled a fence of three holes about 50 metres south of the Shark Fin. One of the holes returned a vein intercept of 3 meters at 16.9 grams per tonne gold within a broad zone of stockwork low-grade gold mineralization. The rig then moved about 300 metres further south on the Perry claim to drill several fences of holes across the target zone. The terrain between the two areas was inaccessible at the time due to terrain challenges. All holes intersected gold at the location of the vein. Above and below the vein was an envelope of iron staining, clay alteration and stockwork quartz. Assays from both the vein and the altered rock showed increasing thickness and gold grades with depth.
Click Image To View Full Size
Drill holes PRC21-80 and PRC21-85, our deepest holes of this program intersected both the vein and low-grade mineralization over total drill intercepts of +100 metres. The low-grade envelope is +1 gram per tonne gold, a grade that is amenable to mining by open pit in numerous bulk tonnage operations. Importantly, the mineralization is open in all directions. We refer to the 300 metre long gap between the two drill sections as the "Gap Zone'.
View of the iron-stained rhyolite dome cap from drill site PRC21 -85.
The Arizona Silver website includes a geological model to explain our interpretation of how the gold is emplaced and its relationship to a feature known as the rhyolite flow dome. The photo above shows the red (hydrothermally altered) rocks characteristic of that feature. Our interpretation of the dome is that it potentially acted as a cap (over 50 metres thick) above the gold ("boiling zone') by 100 metres. Based on our modeling, deeper drilling is expected to generate intercepts that are both higher grade and thicker.
The Company is anxious to resume drilling, not just on the Gap Zone, but on the entire strike length up to and including the Shark Fin and Rising Fawn areas. During a December site visit the message was "Mike, this project is a no-brainer - the Company simply has to drill and the results will come. Get on to it." Indeed, we have established multiple gold bearing zones that simply need to be linked with drilling. Given the 3000 metre length of the vein system as we know it, and the low-grade envelope demonstrated on the Perry claim, the project offers significant tonnage potential. Drilling is targeted to resume on February 1, 2022.
Our three other properties remain under care and maintenance. A drilling permit with the BLM at the Silverton Property allows for 12 holes. It has been approved and bonded. This property has large scale potential, being compared to the Long Canyon gold deposit currently in operation by Newmont.
The Ramsey Property is permitted for 8 more holes. Drilling pads are complete on the patented ground. Ramsey has shown good silver values in the holes completed to date and clearly warrants much more drilling. We believe we have just scratched the surface of this opportunity.
The Sycamore Canyon Property has tried our patience for sure due to permitting delays. I hope to share news in Q1-2022 on permitting developments.
In summary, we remain committed to Philadelphia simply because it has shown the highest value to shareholders, with our results speaking for themselves. Please stay informed by referring to our website as we update it regularly. I always enjoy the phone calls from you. Check out:
https://arizonasilverexploration.com/stockinformation/
From our team to you, have a safe, healthy and prosperous 2022!
Mike Stark
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the 2020-2021 exploration program; the potential for development of the mineral resources; the potential mineralization and geological merits of the exploration properties; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company's 2021 drilling program(s) on its properties, will not be consistent with the Company's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company's future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the exploration properties are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2022 programs would proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
Copyright (c) 2022 TheNewswire - All rights reserved.
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Additional assays are expected in the coming weeks and it is expected there should be a steady flow of new assay data as drill holes are completed going forward. Denarius has mobilized a third diamond drill to expedite the ongoing drilling program on the Lomero-Poyatos deposit, which is expected to be operational in mid-February.
Serafino Iacono, Executive Chairman and CEO of Denarius, commented, "We are very encouraged by these early drilling results at Lomero-Poyatos, which provide a clear indication of the potential of this well-known VMS deposit. These are the first four holes for which we have complete assays, however most drill holes to date have well mineralized intervals that are now in the pipeline for assays. We are systematically stepping out through the deposit to update the geological model that will meet the requirements for establishing an updated NI 43-101 compliant mineral resource estimate. We are confident that this drilling campaign will continue to be a key value driver for Denarius as we move forward."
The initial surface drilling program at the Lomero-Poyatos Project, which commenced in late October 2021, was designed to validate some selected historical holes drilled within the existing mine and then conduct a 50x50 m infill drilling in the lower levels of the same mine. Extension drilling will consist of 17 holes. The plan will be to initially complete approximately 81 drill holes for a total of approximately 23,500 meters of drilling. Please refer to the news release dated July 26, 2021 for further details. The Company is fully financed to complete the program.
The Company has established COVID-19 safety protocols for ensuring a secure work environment for its employees and contractors.
Key Highlights
| Surface Drilling | ||||||||||
| Hole | Phase | From (m) | To (m) | Width | Cu % | Pb % | Zn % | Ag g/t | Au g/t | Min. Type |
| LP21001 | Validation | 54.45 | 60.55 | 6.10 | 0.53 | 0.43 | 0.59 | 15.65 | 1.20 | SM*/MS** |
| L03-15 | CMR*** hole | 57.00 | 59.00 | 2.00 | 0.47 | 0.26 | 0.06 | 17.50 | 1.91 | SM |
| LM21002 | Validation | 189.23 | 214.00 | 24.77 | 0.12 | 0.46 | 1.67 | 13.22 | 0.72 | SM |
| L12-66 | CRI**** hole | 190.70 | 210.15 | 19.45 | 0.25 | 0.60 | 1.21 | 6.08 | 0.66 | SM |
| LM21003 | Val/Infill | 128.70 | 133.10 | 4.40 | 0.87 | 0.11 | 0.12 | 11.45 | 0.67 | MS |
| L03-41 | CMR | 141.00 | 144.00 | 3.00 | 1.20 | 0.03 | 0.02 | 6.00 | 0.74 | SM |
* MS: Massive Sulphides
* SM: Semi-Massive
*** CMR: Cambridge Mineral Resources
**** CRI: Corporación de Recursos Iberia
The table below lists the key intercepts from the ongoing Lomero-Poyatos drilling program:
| HOLE ID | Phase | from (m) | to (m) | length (m) | Cu % | Pb % | Zn % | Ag g/t | Au g/t | Min. Type |
| LP21001 | validation | 54.45 | 60.55 | 6.10 | 0.53 | 0.43 | 0.59 | 15.65 | 1.20 | |
| Including | 54.45 | 56.55 | 2.10 | 0.17 | 1.10 | 1.67 | 24.57 | 2.45 | SM | |
| Including | 56.55 | 60.55 | 4.00 | 0.72 | 0.07 | 0.02 | 10.97 | 0.55 | MS | |
| LP21002 | validation | 189.23 | 214.00 | 24.77 | 0.12 | 0.46 | 1.67 | 13.22 | 0.72 | |
| Including | 196.05 | 205.05 | 9.00 | 0.10 | 0.96 | 2.56 | 13.01 | 0.94 | SM | |
| LP21003 | validation | 128.70 | 133.10 | 4.40 | 0.87 | 0.11 | 0.12 | 11.45 | 0.67 | MS |
| LP21007 | Infill | 192.35 | 212.95 | 20.60 | 1.51 | 0.40 | 2.27 | 43.83 | 4.71 | |
| Including | 192.35 | 195.25 | 2.90 | 0.24 | 0.63 | 2.25 | 30.61 | 1.57 | SM | |
| Including | 195.25 | 212.95 | 17.70 | 1.53 | 0.36 | 2.01 | 42.63 | 5.23 | MS | |
Please refer also to the attached illustrative maps showing the location of drill holes and a cross section with drill hole LP21007.
Location of Drill Holes is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/88fb63a7-a652-4a71-adc0-65336baf0844
Cross Section is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7e434d7c-19d9-4367-81ce-3362c8f3cc2d
Qualified Persons Review
Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.
Quality Assurance and Quality Control
The Lomero-Poyatos samples were prepared and assayed by AGQ Labs (ISO/IEC 17025) at their laboratory in Burguillos, Seville, Spain. Gold was assayed by 30 g fire assay with ICP-OES finish, while silver and base metals were analyzed in a multi-element package by aqua regia digestion and ICP-OES finish. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.
About Denarius
Denarius is a Canadian-listed public company engaged in the acquisition, exploration, development and eventual operation of mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain and the Guia Antigua Project in Colombia. The Company also owns the Zancudo Project in Colombia which is currently being explored by IAMGOLD Corp. pursuant to an option agreement for the exploration and potential purchase of an interest in the project.
Additional information on Denarius can be found on its website at www.Denariussilver.com and by reviewing its profile on SEDAR at www.sedar.com .
Denarius Silver Corp.
Serafino Iacono, Executive Chairman and CEO
Email: investors@Denariussilver.com
Website: www.Denariussilver.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward ‐ looking statements". Forward ‐ looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward ‐ looking statements, including without limitation those relating to the Company's future operations and business prospects, listing of the Warrants and use of proceeds from the Financing are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward ‐ looking statements.
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OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for over 11,000 U.S. and global securities, today announced Silver Dollar Resources Inc. ("Silver Dollar" or the "Company") (CSE: SLV; OTCQX: SLVDF), a mineral exploration company, has qualified to trade on the OTCQX® Best Market. Silver Dollar Resources Inc. upgraded to OTCQX from the OTCQB® Venture Market.
Silver Dollar's common shares will continue to trade on the Canadian Securities Exchange ("CSE") under the symbol "SLV" and begin trading today on OTCQX under the symbol "SLVDF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com .
The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
"Graduating to the OTCQX is anticipated to provide improved liquidity, an enhanced trading experience for our current U.S. shareholders and potential U.S. investors, and expose the company to a broader market audience," said Michael Romanik, president of Silver Dollar. "The Company is fully funded for 2022 exploration and we are currently drilling our flagship La Joya Silver Project in Durango, Mexico."
Nauth LPC acted as the Company's OTCQX sponsor.
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally. For additional information, you can download Silver Dollar's latest presentation by clicking here and you can follow Silver Dollar on Twitter by clicking here .
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX ® Best Market, the OTCQB ® Venture Market and the Pink ® Open Market for over 11,000 U.S. and global securities. Through our regulated OTC Link ® Alternative Trading Systems, the Company connects a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for their investors.
OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com .
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Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com
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